Former AOL chief executive Jonathan Miller is raising money to support a potential bid for Yahoo, the Wall Street Journal has heard from sources. (Update: A conflicting story in the Post says Miller is indeed fund raising, but that the money is for Velocity Interactive rather than Yahoo. More details.)

Mr. Miller has been talking to private equity investors and sovereign wealth funds for months in hopes of raising money for a Yahoo deal, and it is unclear whether the talks have progressed or are just continuing, these people say. Mr. Miller believes he can do a deal that would be worth around $20 to $22 a share to Yahoo shareholders, these people say, which would involve raising about about $28 billion to $30 billion to purchase the entire company.

As WSJ points out, the general palsy in lending activity right now makes such a fund raising job seem like a pipe dream.